Small Business Tax Deduction Strategies

Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?

Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.

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Q. I’m converting to a Roth IRA. If I sell stock at a loss, can the loss offset the tax due on the conversion?
It’s a different story this year-end for investors in securities. Due to potential changes in tax rates for 2013, the usual emphasis on harvesting capital losses has shifted to realizing capital gains. Strategy: Don’t forget how the “netting rules” work.
Q. I plan to buy a car for business driving late this year. Should I use the standard mileage rate?

Chances are, if you’re a high-income taxpayer, the scheduled 2013 tax rate increases on ordinary income and capital gains and dividends aren’t your only concern. You could also face a new 3.8% Medicare surtax on all or part of your net investment income. Strategy: Make your tax moves now. If you wait until the surtax kicks in next year, it may be too late.

The IRS says that employers can’t round off to the nearest dollar on Form 941, Employer’s Quarterly Federal Tax Return.

Usually, tax pros advise high-income tax­­payers to push taxable income from the current year into the following year in order to delay taxes. But there’s a major tax storm brewing on the horizon. Crazy as it sounds, this year you might want to do the exact opposite of what you normally do at year-end.
Unlike the tax upheaval affecting individuals, tax rates for corporations are expected to remain the same in 2013 as they are in 2012. But self-employed individuals and owners of pass-through entities must consider the impact of the changes. With that in mind, here are eight tax-saving opportunities for your small business at the end of the year.
Increasingly, the IRS has been using a powerful weapon—the administrative summons —to force high-income individuals and businesses to hand over their books and other relevant documents. But taxpayers are fighting back.
Q. I’m interested in the dependent care credit. Can we qualify if my wife goes back to school for her master's degree?

To qualify for business loss deductions, you must show that you’re engaging in the activity to generate a profit. Otherwise, the amount you can write off is limited to the amount of your income from the activity, under the “hobby loss” rules ...

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